The transaction was first flagged by the Ripple Stablecoin Tracker, which tracks RLUSD minting and burning activity onchain.
RLUSD’s market capitalization is now estimated at roughly $2.5 billion, up substantially from the $2 billion level crossed in August. But the new mint should not automatically be interpreted as $30 million of fresh circulating supply.
Ripple Is Minting and Burning RLUSD at Scale
The latest transaction follows several large mints in September.
On Sept. 21, the RLUSD Treasury minted 20 million and another 20.5 million RLUSD. Another 19 million tokens followed on Sept. 22, bringing reported issuance across those two days to $59.5 million.
At the same time, Ripple has also been destroying tokens. Two Sept. 22 transactions burned approximately 29.85 million RLUSD, highlighting how quickly supply can move in both directions.
That distinction matters. Ripple’s official documentation explains that institutional customers deposit dollars before equivalent RLUSD is minted. When customers redeem RLUSD for dollars, those tokens are burned.
So a $30 million mint can represent customer issuance or treasury management rather than a permanent $30 million increase in circulation.
RLUSD Has Become XRPL’s Main Dollar Asset
The broader trend, however, is clear: Ripple’s stablecoin business is expanding rapidly.
Recent reserve data showed more than $2.4 billion of RLUSD circulating, backed by approximately $2.53 billion in reserve assets. RLUSD reserves
Growth has been particularly strong on the XRP Ledger. XRPL’s total stablecoin supply recently approached $1.3 billion, with RLUSD accounting for roughly 93% of the network’s dollar-pegged assets.
That liquidity is increasingly feeding other parts of Ripple’s institutional strategy. RLUSD is being integrated into credit markets, yield products and settlement infrastructure, while Ripple has built Ripple Mint specifically to let institutions issue and redeem RLUSD programmatically. Ripple
For XRP, the relationship is indirect but important. RLUSD transactions executed on XRPL still require XRP for network fees, and increasing dollar liquidity can support trading and financial activity across the ledger.
Previous onchain analysis has found that RLUSD is expanding activity rather than simply replacing XRP.
